New Delhi, Oct 17 (UNI) In its Dhanteras 2025 Gold Report, Axis Securities highlighted that the gold investors may want to keep their shopping lists ready this festive season. The report advised traders and long-term investors to accumulate gold on dips in the Rs 1.05 to Rs 1.15 lakh per 10-gram range, with a potential upside target of Rs 1.45-Rs 1.50 lakh by next Diwali.
Axis Securities maintained a bullish outlook on gold as global cues from softening US yields and sustained central bank buying to geopolitical tensions continue to strengthen the metal’s safe-haven appeal. The report expects the rally to extend into 2026 with domestic prices already near record highs. It said, this will be supported by steady ETF inflows and growing investor preference for gold as a hedge against uncertainty.
Notably, the domestic gold prices have crossed Rs 1 lakh per 10 grams, with MCX Gold rallying on the back of central bank buying, rising geopolitical tensions, and expectations of more US Federal Reserve rate cuts. The report projected up to 30 percent further upside from current levels saying, “Traders may consider accumulating on declines, as the overall trend remains positive.”
“Gold’s rally has been supported by strong central bank demand, ETF inflows, and growing concerns over monetary debasement. If these trends continue, gold could see further upside into 2026.” Axis Securities noted five structural tailwinds likely to keep gold prices elevated into next year. Firstly, the rate cuts in the US leading to lower yields make gold more attractive. The central bank accumulation also lead to the ongoing diversification away from the US dollar.
The geopolitical tensions, from trade tariffs to global conflicts, Axis Securities said lead to strong safe-haven demand. Further, the weakening dollar leading to the de-dollarisation and high US debt are boosting bullion’s appeal. Also, the rising ETF demand with the retail investors are piling in for liquidity and inflation protection.
The report by Axis Securities also mentioned that if gold sustains above $3,800, the next target could be around $4,700–$4,800 in the medium term, driven by safe-haven demand, monetary debasement concerns, and geopolitical risks. A pullback below $3,446 could test the $3,100 support zone, which will be a critical level for trend continuation.
